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452.132
(2) (c) Before a licensee becomes associated with the firm and at the
10beginning of each biennial licensure period, ensure that the licensee holds a valid
11license
or registration.
AB456,90
12Section
90. 452.133 (title) of the statutes is amended to read:
AB456,27,13
13452.133 (title)
Duties of brokers licensees.
AB456,91
14Section
91. 452.133 (1) (intro.), (c), (d), (e), (f) and (g) of the statutes are
15amended to read:
AB456,27,1816
452.133
(1) Broker's duties
Duties to all persons in
parties to a transaction. 17(intro.) A
broker who is firm providing brokerage services to a
person in party to a
18transaction owes all of the following duties to the
person party:
AB456,27,2219
(c) The duty to timely disclose in writing all material adverse facts that the
20broker firm knows and that the
person party does not know or cannot discover
21through reasonably vigilant observation, unless the disclosure of a material adverse
22fact is prohibited by law.
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(d) The duty to keep confidential any information given to the
broker firm in
24confidence, or any information obtained by the
broker
firm that
he or she the firm 25knows a reasonable person would want to be kept confidential, unless the
1information must be disclosed by law or the person whose interests may be adversely
2affected by the disclosure specifically authorizes the disclosure of particular
3information.
A broker The firm shall continue to keep the information confidential
4after the transaction is complete and after the
broker
firm is no longer providing
5brokerage services to the
person party.
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(e) The duty to provide accurate information about market conditions that
7affect the
person's transaction, within a reasonable time after
the person's a request
8for such information by the party, unless disclosure of the information is prohibited
9by law.
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(f) The duty to safeguard trust funds and other property held
by the broker as
11required by rules promulgated
by the department under s. 452.13 (5).
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(g) When the
broker firm is negotiating on behalf of a party, the duty to present
13contract proposals in an objective and unbiased manner and disclose the advantages
14and disadvantages of the proposals.
AB456,92
15Section
92. 452.133 (2) (intro.), (a) 1. and 2., (b) and (c) of the statutes are
16amended to read:
AB456,28,2017
452.133
(2) Broker's duties to a client Duties to clients. (intro.) A
broker 18firm providing brokerage services to
his or her a client owes the client the duties that
19the
broker firm owes to a
person party under sub. (1) and all of the following
20additional duties:
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(a) 1. Placing the client's interests ahead of the
broker's interests
of the firm.
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2. Placing the client's interests ahead of the interests of persons in the
23transaction who are not the
broker's firm's clients by not disclosing to persons in the
24transaction other than the
broker's firm's clients information or advice the disclosure
1of which is contrary to the interests of a client of the
broker firm, unless the disclosure
2is required by law.
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(b) The duty to disclose to the client all information known by the
broker firm 4that is material to the transaction and that is not known by the client or discoverable
5by the client through reasonably vigilant observation, except for confidential
6information under sub. (1) (d) and other information the disclosure of which is
7prohibited by law.
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(c) The duty to fulfill any obligation required by the agency agreement, and any
9order of the client that is within the scope of the agency agreement, that is not
10inconsistent with another duty that the
broker firm has under this chapter or any
11other law.
AB456,93
12Section
93. 452.133 (3) of the statutes is amended to read:
AB456,29,1413
452.133
(3) Prohibited conduct. In providing brokerage services, a
broker 14licensee may not do any of the following:
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(a) Accept any fee or compensation related to the transaction from any person
16other than the
broker's licensee's client,
unless the broker has principal firm, or firm,
17without the
prior written consent of all parties to the transaction.
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(b) Act in a transaction on the
broker's licensee's own behalf, on behalf of the
19broker's licensee's immediate family
if the firm is an individual, on behalf of the
20licensee's firm, or on behalf of any organization or business entity in which the
broker 21licensee has an interest,
unless
without the
broker has the prior written consent of
22all parties to the transaction.
For the purpose of complying with this paragraph, a
23licensee shall obtain the written consent in the offer to purchase, option, lease, or
24other transaction contract.
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1(c) Except as provided in s. 452.19
(1), refer, recommend
, or suggest to a party
2to the transaction the services of an individual or entity from which the
broker 3licensee may receive compensation for a referral or in which the
broker licensee has
4an interest, unless the
broker licensee has disclosed
in writing the fact that
he or she 5the licensee may receive compensation or has disclosed
his or her in writing an 6interest in the individual or entity providing the services.
AB456,94
7Section
94. 452.133 (4) (a) and (b) 1. and 2. of the statutes are amended to read:
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452.133
(4) (a) A subagent owes all
persons parties to whom
a broker the
9subagent is providing brokerage services in a transaction the duties specified in sub.
10(1) but does not owe the clients of the principal
broker firm the duties under sub. (2).
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(b) 1. Place the subagent's interests ahead of the interests of the clients of the
12principal
broker firm in the transaction in which the subagent has been engaged by
13the principal
broker firm.
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2. Provide advice or opinions to parties in the transaction if providing the
15advice or opinions is contrary to the interests of the clients of the principal
broker 16firm in the transaction in which the subagent has been engaged by the principal
17broker firm, unless required by law.
AB456,95
18Section
95. 452.133 (4m) of the statutes is created to read:
AB456,30,2219
452.133
(4m) Duties and prohibitions; application to licensees. (a) A firm's
20duties under sub. (1) extend to each licensee associated with that firm, and each
21licensee associated with a firm owes the same duties to a party that the firm owes
22to that party under sub. (1).
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(b) Except as provided in s. 452.134 (3) (b), a firm's duties under sub. (2) extend
24to each licensee associated with that firm, and each licensee associated with a firm
1owes the same duties to a client of the firm that the firm owes to that client under
2sub. (2).
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(c) 1. A subagent's duties under sub. (4) (a) extend to each licensee associated
4with that subagent, and each licensee associated with a subagent owes the same
5duties to a party that the subagent owes to that party under sub. (4) (a).